Jim Cramer's Mad Dash: MS HGG BBY

Cramer says Morgan Stanley is a buy but HHGregg is a disappointment.

NEW YORK (TheStreet) -- Bank of America upgraded Morgan Stanley (MS) to buy from hold and maintained its price target of $35.

"This call works," TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, said on CNBC's "Cramer's Mad Dash" segment. He pointed out how well Morgan Stanley CEO James Gorman has done at integrating all of the company's different businesses.

There is a renewed optimism among analysts following the better-than-expected earnings results from Citigroup (C), Cramer said. Shares of MS had a nice, extended move higher before gently pulling back, he added, suggesting the stock could return to its recent highs.

Turning to HHGregg Incorporated (HGG), the small-chain retailer had some rather disappointing preliminary results for the fourth quarter. The company expects comparable-store sales to fall 9.9%, with the consumer electronics category dropping 18.9% and the wireless and computing category plunging 22.6%.

Cramer added that Best Buy (BBY) could have some less-than-stellar earnings results as a result of weak electronics and PC sales.